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saimeiei · 2020年10月23日

问一道题:NO.PZ2019012201000026

问题如下:

A fund invests in firms that have strong business models and good governance. And if the fund is an activist investing strategy, which of the following is least like to boost the shareholder value?

选项:

A.

Engaging with management by writing letters to management, calling for and explaining suggested changes, and participating in management discussions with analysts or meeting the management team privately.

B.

Increasing management compensation or keeping management compensation with share price performance.

C.

Launching legal proceedings against existing management for breach of fiduciary duties.

解释:

C is correct.

考点:Activist Strategies and Other Strategies

解析: 首先这个fund投资的都是经营比较好而且有比较好的公司治理结构的标的。对于Activist Strategies,主要的目的是在现有基础上,作为公司的长期投资者,提升公司的经营和股东价值。 所以不太可能采用激进的方式投资在C选项描述的公司治理有问题的公司上。

老师你好,感觉这道题逻辑有点问题,如果直接问哪个属于公司治理和盈利增长潜力不行的还能选出来,但是问题是哪个能够增加shareholder的利益,就有些模糊了

1 个答案

maggie_品职助教 · 2020年10月24日

嗨,爱思考的PZer你好:


对 这道题本身出的不是很好,不过我感觉你好像也没有读懂题干(猜测)。这道题问的是根据基金描述的策略,下面哪个tactics不适用。注意使用什么战术要结合这个基金自身的策略来看(不是所有列出来的策略都能用,要看适用情况),题干说fund要求只能投资那些公司业绩好又公司治理好的公司,而选项C的描述launching legal proceeding against existing mgmt. for breach of fiduciary duties, 明显说明这个公司的公司治理是有问题的,基金根本不会投这样公司。


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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!


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